A message from our CEO, Paul McCarney,
This business has been along time in the making. Let me give you a bit of context.
Personalisation is a mantra I’ve heard a lot from various boardrooms and executives over the last three years. It’s a strategy which centres around an old adage that ‘the customer is always right’; ‘give the customer what they want and they will beat a path to your door’, or even better, stay with you for life. Consumers used to spend time in corner stores talking to shopkeepers (who were often a neighbour) about what they liked or wanted, and the shopkeeper understood the context of that request. Now when you think through it, this trust has long since eroded and we end up realising it’s exceptionally hard for most modern companies to really know what customers want. It’s hard because contact is not regular, it’s not personal and customers spend 99% of their time dealing with other companies or doing other things – not having a direct conversation with them.
So companies are realising to really ‘understand’ customers and their ‘wants’, they have to understand what else they’re doing when not dealing directly with them. This realisation has led to an increase in demand for data exchanges between various data sets.
Meanwhile, along comes:
- Social media – companies that do know quite a bit about what customers are doing ‘elsewhere’ via search or social commentary.
- Internal ‘big data’ – large, mostly company-centric data sets.
- Cloud computing – i.e. services providing declining storage and computational costs.
And with this evolution, companies have developed an expanding appetite for insight on their customers. As a result we’ve started to see a decrease in data governance best practice and, coupled with a rise in data hacking, a dramatic increase in overall risk from any data exchange.
In the corner store of the future, we all need to understand that data should be treated in the same way as we’d like to treat our customers…with trust and respect!”
So while I was excited by the possibilities of data being used to help companies give customers what they want, I was concerned at the variation in practices being used to leverage and monetise data set exchanges. I felt for this to continue to work and benefit all parties, we needed to go back to principles long since lost of trust between shopkeepers and customers. It’s on these principles of trust we’ve built Data Republic, principles embedded in our legal and regulatory framework before a line of code was even written:
- The Principle of Privacy: We believe in maintaining integrity of individual consumer’s ‘privacy relationship’ with companies. We will not allow anybody to breach that relationship. We all know what unacceptable and ‘creepy’ use of data is!
- The Principle of Security:We believe data needs to be and feel like it is secure, and those that use Senate (our platform) understand how we adhere to concepts of security and privacy by design.
- The Principle of Governance: We believe all Republicans* have complete control over who has access to their data, how and when it can be accessed. We reserve the right to stop data exchanges where we feel any of our principles may be breached.
I am pleased to announce to the world: Data Republic, a company in which we’ve built a world leading, caring team, a trust framework and platform to enable:
- Companies to efficiently, safely and ethically exchange data to better serve their customers.
- Data Analytics Partners to provide clients with higher fidelity insights that can be executed with confidence.
- Consumers to be confident that their interests are being prioritised and that they have the ability to opt out if they choose.
I’m excited by the thought of the journey ahead and look forward to sharing it here with you all.